| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w9644
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| 来源ID | Working Paper 9644
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| Bank Ties and Bond Market Access: Evidence on Investment-Cash Flow Sensitivity in Japan |
| Patrick McGuire
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| 发表日期 | 2003-04-28
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| 出版年 | 2003
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| 语种 | 英语
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| 摘要 | The banking literature has established that banks can alleviate information asymmetries between lenders and borrowers, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. This paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980's and 1990's, and whether banks continued to facilitate investment once non-bank financing options became available. Using the explicit bond issuing criteria to solve the endogenous firm-sorting problem, I measure the investment-cash flow sensitivity of Japanese firms, and find it lowest for those firms known to have faced bond market constraints. I then find that the spread in sensitivity was much larger for main bank client firms, once bond market access is controlled for. This result, coupled with results on the relative profitability and bond activity of bank-affiliated firms, is consistent with banks capturing the net benefits of relationship lending during the period of bond market deregulation. |
| 主题 | Financial Economics
; Corporate Finance
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| URL | https://www.nber.org/papers/w9644
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567268
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推荐引用方式
GB/T 7714 |
Patrick McGuire. Bank Ties and Bond Market Access: Evidence on Investment-Cash Flow Sensitivity in Japan. 2003.
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文件名：
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w9644.pdf
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格式：
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Adobe PDF
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